Why Occidental Petroleum, Range Resources, and Transocean All Plunged as Much as 10% Today
The shares of energy industry players Occidental Petroleum (NYSE: OXY), Range Resources (NYSE: RRC), and Transocean (NYSE: RIG) fell as much as 10.5%, 13.5%, and 12%, respectively on May 9. By roughly 1:30 p.m. ET these two vital energy sources were lower in the mid- to high-single digits. For Occidental and Range the oil and natural gas declines are tied directly to their top and bottom lines, given that Occidental is a large oil driller and Range is a large natural gas producer.